Philip Hammond is expected to use his Autumn Statement to announce the Government's intention to ban pensions cold calling and fine fraudsters up to £500,000.

He claims the move, to be unveiled next Wednesday, will protect millions of vulnerable people and cut off the main route through which cowboys trick people out of their life savings.

In his first major Commons set-piece statement, the Chancellor will pledge to bring an end to the misery brought about by the millions of scam calls that happen every year in the UK.

The move follows a rise in scams after changes brought in by his predecessor, George Osborne.

Image:Philip Hammond will set out his plans on Wednesday

Figures show that:

:: Some 11 million pensioners are targeted annually by cold callers:: Savers lost around £19m to scams between April 2015 and March 2016.:: There are around 250 million scam calls a year in the UK - roughly eight every second.

Cold calls often present scams as unique investment opportunities, such as investing your pension pot in a new hotel in an exotic location or in various 'ethical' projects that promise massive returns.

Many unsuspecting victims simply fail to spot scams, with nine in 10 of those choosing an offer that included warning signs such as "free" pension reviews, extra tax savings or access to pensions before the age of 55.

Falling prey to pensions scams can have a devastating impact, with some people not only losing their life savings, but also facing considerable tax charges as a result.

He told Sky News: "Hopefully by banning the cold calls - it won't necessarily stop the calls - but if people know that that cold call is illegal they will be hopefully more likely to put the phone down and stop the scammer getting hold of their money.

"Some of the offers can be very tempting, they are very often offering high guaranteed but just about believable returns on your investments, usually by investing in property abroad. The scammers can be very very convincing."

Under the Government's proposed new regime, all calls where a business has no existing relationship with the individual will be forbidden.

This includes scammers targeting people who inadvertently "opt-in" to receiving third party communications.

Enforcement action by the Information Commissioners Office could include fines of up to £500,000.

For most people, their pension is their largest asset and the government are determined to protect these from unscrupulous fraudsters.

The Chancellor will go even further to protect the vulnerable, announcing he will consult on a wider crack-down on pensions scams.

Research shows that scammers could be behind as many as one in 10 pension transfer requests and the new framework set out above will cut off scams at the source.